Possible Market Slowdown? Make the Most of It
If a market slows, buyer momentum often slows with it. As a result, agents should think of ways to keep prospective buyers excited about the process.
Mortgage Rates Rising Again, Hit 5.51%
After a few declining weeks, the average rate for a 30-year, fixed-rate loan rose higher after inflation numbers remained high despite recent Fed interest rate increases.
Foreclosures: Closing in on Pre-Pandemic ‘Normal’
Attom: Foreclosures remain low but might hit normal “sometime in early 2023.” Fla. ranks sixth nationwide, with one foreclosure for every 560 homes with a loan.
Fla.’s Insurer Could Hit 1.2M Policies This Year
The CEO of Citizens Property Insurance – the Fla.-owned “insurer of last resort” – foresees “almost incomprehensible growth” for the rest of this year.
Uptick in Homebuyers Canceling Deals
In June, just shy of 15% of contracted sales were canceled before closing – the highest rate since the start of the pandemic – as more buyers rethink their decision.
Contingencies Coming Back? Market Is Shifting
Buyers have removed contingencies in order to woo buyers. If you’re seeing those returning, it suggests that your market doesn’t favor sellers quite as much.
Buyers Asking About a Home that Already Sold?
What do you tell them? It’s an opportunity to start a conversation and build value if the caller doesn’t have an agent but tell them the home’s “sold” status upfront.
Economy: Inflation Hit 40-Year High in June
At 9.1%, June inflation hit a rise not seen since 1981. On the plus side, recession fears appear unwarranted for now as other numbers remained surprisingly robust.
57% of Realtors Say Low Inventory Blocked Deals
NAR’s 2022 Member Survey: Realtor membership grew 5.4% to 1.56M. The typical Realtor had sales volume of $2.6M and 12 transactions – a year-to-year increase.
Fla. Moving Costs Rise 11% in One Year
The average cost to move a U.S. household rose 15% year-to-year, and 51% in top-cost Maine. But moving costs fell in 5 states, including 5% in New Mexico.